United Utilities has agreed to sell its renewable energy business to SDCL Energy Efficiency Income Trust (SEEIT) for approximately £100 million.
The company announced its intention to sell off United Utilities Renewable Energy (UURE) in May last year, at which point it was valued at £65.5 million.
UURE comprises 69MW of renewable generation assets including solar, wind and hydro across 70 sites that UU has developed since 2014.
Following the sale, SEEIT will continue to provide energy to UU’s water and wastewater business from the assets.
Chief executive Steve Mogford said: “We are committed to our ambitious carbon pledges and target of achieving net zero carbon emissions by 2030. A key part of setting the foundations for that goal has been our renewable energy portfolio that, in recent years, we have built across our UU sites. With the portfolio now fully built-out and operating well, we are excited about the opportunity to recycle our investment in these assets to support the next steps in our plans to achieve net zero”.
The company said the completion of the sale is expected within the coming months.